South Korean Cryptocurrency Industry Booming In SilenceOctober 30, 2018
While the rest of the world is bothered about the price volatility and stability of Bitcoin, South Korea has been advancing in the field of cryptocurrency.
There is an increase in the number of traditional companies adopting to the uses cases of blockchain industry in South Korea, specifically cryptocurrency. Since the investments are positive, it is likely that South Korea will evolve to be a global leader in cryptocurrency.
Joseph Young tweeted about the Korean Conglomerates who were enthusiastic about the cryptocurrency. He further stated that these Conglomerates are advancing the world ahead concerning improvements in blockchain technology and cryptocurrency industry.
SK the biggest telecom industry in South Korea is going big on crypto via the Korbit Exchange, Shinhan biggest bank through Gopax exchange, Nexon the most prominent game developer, Bitstamp via Korbit, Kakao via Upbit, Samsung via ASIC manufacturing are all into cryptocurrency investments.
Many of these projects are promising and they are tied up with the traditional Korean Conglomerates. They have Goodwill and years of experience when it comes to nurturing the industry. When all of these projects are completed successfully, South Korea will be the most advanced nation concerning cryptocurrency.
The Tweet from Joseph explained the investments as follows:
- SK Telecom’s investments are alongside the investments from Billionaire Tim Draper in Korbit.
- Shinan Banks are the leading investors in Gopax, which is a leading cryptocurrency exchange. Since they are directly involved in the investment they are playing a very important role in nurturing and maintaining a favorable relationship between financial institutions and cryptocurrency businesses over the long-term.
- Nexon, the Gaming Company, have got a 65 percent stake in Korbit.
- Kakao is a Korean internet firm operating the largest messaging app of the country. They made their entry into cryptocurrency industry after they launched Upbit, their blockchain-focused crypto exchange.
- The Canadian crypto mining firm, Squire partners Samsung to manufacture ASIC chips.
All these developments are happening when the crypto industry is in a state of complete volatility. The crypto price trends have ups and downs.
The overall market capitalization of the crypto industry was at $800 billion in capitalization during the Bull Run in 2017. However, the market correction post the volatility is currently at $200 billion.
South Korea has made the required technological advancement studies to adopt blockchain technology. The country is now one of the major cryptocurrency markets. Upbit and Bithumb are the two major cryptocurrency exchanges contributing to a trading volume of $200 million. These two exchanges are one among the top 25 exchanges in the whole world.
The country is exploring the other potentials of the blockchain technology. And, they have effectively placed themselves among the major blockchain force in the rest of the world.
South Korea is playing the role of a cryptocurrency visionary, and they are creating a roadmap for other countries to follow.